Blaine Luetkemeyer

Oh, it is not. It is going full speed.

These highs are impacting all Americans and all small businesses.

It is interesting that they are trying to redefine recession before the numbers come out which tells you they know where the numbers are going to be.

And the administration can deny the recession all they want but the bottom line is that American families are feeling the impact right now of this economic misery.

Later today, the Federal Reserve will announce its next interest rate hike.

For instance, the latest number that I saw yesterday was $8,600 is what it is costing more for people to live this year than last year.

As we sit here today, inflation is at a 41-year high of 9.1 percent.

This elevated rate did not happen out of the blue. It has been rapidly rising for the last year.

Thank you, Madam Chair. And thank you for convening the Committee meeting this morning.

As a capitalist and entrepreneur, you were able to take advantage of the economic freedom this country presents and start your own business and do well with it.

This administration has the ability to talk directly to small business through one of the federal government's most important cabinet-level agencies, the Department of Treasury.

Despite being legally required to testify before this Committee last year and twice this year, Treasury Secretary Yellen is a no-show.

I have got some of my constituents who are working to try to get that done because there apparently is not any flexibility in theirs.

It is my hope she stops ignoring the loss to small businesses on this Committee and testifies soon.

One of the things that the Government Accountability Office and SBA's Inspector General originally criticized the SBA for their lack of controls on these programs leading to potential fraud risks.

The Department of Defense recently released a report coming to the bold conclusion that contract consolidation in the defense industrial market is a national security threat.

The resulting loss of small contractors means less competition and, ultimately, higher costs to the taxpayers.

Choosing to procure with these vehicles must not result in devastating impacts to the small industrial base.

We need to get out of this by quit spending money we are printing that is worthless.

We need to make it easier on main street, we need to cut taxes, we need to reduce regulations.

The issue we are exploring today rises to among the very top.

I want to start off by thanking all our nation's veterans, service Members, and their families for their sacrifice to our great country.

During National Veteran Small Business Week in November, I was honored to host a veteran small business showcase and roundtable.

Thank you, Madam Chair, for calling today's hearing.

I have no further speakers, and I am prepared to close. I yield myself such time as I may consume. Madam Speaker, fraud associated with the EIDL program is a serious matter. Due to mismanagement and poor oversight capabilities, the EIDL…